The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course for a disappointing end to the short week. At the time of writing the benchmark index is down 0.2% to 6,041 points.
Four shares which have defied the market and pushed higher are listed below. Here’s why they are ending the week with a bang:
The Kogan.com Ltd (ASX: KGN) share price has climbed 4.5% to $6.94 after announcing plans to offers life insurance products. This complements previous plans to launch pet insurance and health insurance and its existing vehicle and home and contents insurance offerings. While I do like Kogan and believe its diversification is admirable, I’m not a buyer of its shares on valuation grounds.
The MGC Pharmaceuticals Ltd (ASX: MXC) share price has jumped 9.5% to 11.5 cents after the cannabis company was granted an interim Good Manufacturing Practice (GMP) certification for its European facility. This means the company can commence production of the first batch of its adult medical cannabis epilepsy product. Management expects the facility will be granted full GMP certification if analysis of the first batch is successful.
The Perseus Mining Limited (ASX: PRU) share price is up 5% to 45.7 cents thanks to a rise in the gold price. The spot gold price rose 1% over the last 24 hours thanks to a weakening U.S. dollar. This happened after the Trump Administration talked down the currency at the Word Economic Forum in Davos, Switzerland.
The Redbubble Ltd (ASX: RBL) share price has jumped almost 7% to $1.49 after the ecommerce company provided the market with an investor update. For the first-half of FY 2018 Redbubble reported revenue of $102.3 million, up 30% on the prior corresponding period. Management advised that it is on track to achieve previous top-line growth and EBITDA guidance for FY 2018. Redbubble could be one to watch, if you ask me.
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And while Altium and Afterpay have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $5 a share!
*Extreme Opportunities returns as of June 5th 2020
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Kogan.com ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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